PURE CYCLE CORP — Director's Dealing 2007

Apr 30, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PURE CYCLE CORP (pcyo)
CIK: 0000276720
Period of Report: 2007-04-26

Reporting Person: HARDING MARK W (Director, President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-04-26	Common stock	M	370002	$1.8	Acquired	720714	Direct
2007-04-26	Common stock	F	87632	$7.6	Disposed	633082	Direct
2007-04-26	Common stock	G	65839	—	Disposed	567243	Direct
2007-04-26	Common stock	G	65839	—	Acquired	633082	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-04-26	Non-qualified stock option	$1.8	M	370002	Disposed	2007-08-30	Common stock (370002)	Direct
2007-04-26	Non-qualified stock option	$1.8	G	144161	Disposed	2007-08-30	Common stock (144161)	Direct
2007-04-26	Non-qualified stock option	$1.8	G	144161	Acquired	2007-08-30	Common stock (144161)	Indirect

Footnotes

F1: For estate planning purposes, Mr. Harding gifted 65,839 shares of Pure Cycle common stock and his options to acquire an additional 144,161 shares of common stock to a limited liability limited partnership of which he is the sole general partner and he and his wife are the only limited partners.